Putin claims Russian economy expanding in spite of severe sanctions while seeking investors

In recent years, the St. Petersburg International Economic Forum has become an increasingly important platform for showcasing Russia’s development, despite facing significant international sanctions that have limited trade with Western countries. At this year’s forum, President Vladimir Putin addressed leaders of Bolivia and Zimbabwe as well as business leaders, boasting about Russia’s economic growth and its expanding economic ties with countries in Africa, the Middle East, and Asia in an effort to attract investors.

Despite sanctions due to military involvement in Ukraine, Putin insisted that Russia remains an important participant in global trade. However, the ongoing conflict in Ukraine has become a key driver of Russia’s economic growth, with heavy investments in the military sector contributing significantly to the country’s economy. This has led to shortages of imported goods and the disappearance of many global brands in Russia.

Putin took questions from international journalists at the forum, including those from Western countries that he has criticized. During the meeting, Putin warned that Russia could provide long-range weapons to others to target Western countries in response to NATO’s support for Ukraine. He also reiterated Russia’s willingness to use nuclear weapons to protect its sovereignty. Last year, journalists from countries considered unfriendly by Russia were not invited to the forum, including the United States, the United Kingdom, and the European Union.

By Sophia Gonzalez

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